Ethos urges Sulzer's shareowners to follow the Board of Directors' recommendations and vote in favour of the four Directors proposed for re-election. The current composition of Sulzer's Board is essential to allow the Company to successfully continue its expansion. In order to ensure that all four Directors are re-elected, it is indispensable that shareholders take action now and vote their shares at the General meeting to be held on 8 April 2009.
At the forthcoming general meeting, the Board proposes to re-elect four of its eight members (Ulf Berg, Vladimir V. Kuznetsov, Urs Andreas Meyer and Daniel J. Sauter) whose term expires. The company Renova, Sulzer's major shareowner with 27% of the share capital, announced that it will oppose the re-election of Ulf Berg (Chairman of the Board) and Daniel J. Sauter. Renova is owned by the investor Viktor Vekselberg and did not explain the reasons behind this opposition.
For several years, Sulzer has proven its capacity to increase its sales, profits as well as the number of its employees despite a difficult environment. According to various sources, Renova wants to merge Sulzer with OC Oerlikon, a company where it has an important stake and that has financial difficulties. Obviously, such a merger is not in the interest of the minority shareowners of Sulzer.
To counter Renova's strategy, it is essential that Sulzer's shareowners take action and turn out in numbers to vote their shares. Ethos urges all the shareholders to approve the Board's proposals. This call is addressed in particular to all institutional shareholders, such as pension funds, insurance companies, banks and mutual funds. Sulzer's share register remains open for registration until April 1st 2009.
